"The company, through its wholly-owned subsidiary, Larsen & Toubro lnfotech GmbH, Germany, has signed a definitive agreement to acquire Nielsen+Partner Unternehmensberater GmbH headquartered in Hamburg, Germany, along with its identified subsidiaries in Luxembourg, Switzerland, Thailand, Singapore and Australia and branch office in Belgium," Larsen & Toubro lnfotech said in a regulatory filing.

Larsen & Toubro lnfotech said Nielsen+Partner is an independent Temenos WealthSuite specialist and this acquisition is synergistic to Syncordis acquisition that the company announced in 2017.

The enterprise value payable for the acquisition of 100 per cent share capital of Nielsen+Partner is EUR 28 million on a cash-free, debt-free basis, which includes upfront consideration and a performance based earn-out, Larsen & Toubro lnfotech said.

The acquisition is subject to customary closing conditions which are expected to get completed within six weeks, the company said.

A recent Allahabad high court judgment may, however, provide some relief with the court ruling that there shall be no tax levied in case of purchases made at duty free stores at the arrival or departure terminals.